Market Update...

Market is still trading sideways and is not giving a clear indication of the direction it is bound to take. Volumes have been low in the past few days suggesting, a lot of money is waiting on the sidelines perhaps for the Fed decision on the 18th. Till the direction is clear, try to keep very less overnight positions. Markets are taking good support at 4470 and above level. I did write about the possible re-test of 4400 before moving up, we will have to wait and see if it can happen. The short term support can be raised to 4450 level. Once NIFTY crosses 4550 market will run above 4600 easily. This is becoming a very difficult level to break and we are time and again facing stiff resistance at 4535. If 4550 is taken out, go long with confidence.
Here are some stocks to watch for tomorrow and their levels.

1) ASHOK LEYLAND - Short on break of 36.9. Expect a good fall from here. Alternatively you can buy from here

2) PRAJ INDUSTRIES - Short on break of 210. This stock is a short term buy and is possibly forming a round bottom pattern. A highly bullish pattern in the making.

3) RCOM - Possible positive breakout above 550. First resistance at 555. Above that it will fly.

4) TISCO - Resistance at 727 and 732.

5) ZEEL - Bounce from 299 likely. On the downside, support at 285

6) INFOSYS - 1816 is crucial level. Breakdown will result in a greater fall.
All IT stocks seem to be falling relentlessly. The IT sector is currently "underweight" avoid long positions in IT stocks.

7) NDTV - If NDTV can take out 374, it will move to 377. If 377 is also taken out it will fly from there.

8) Nagarjuna construction - 222 - 225 is a good resistance zone. Buy above 225.

9) MOSER BAER - Above 319 will move up smartly.

10) TELCO - This has been an underperformer in this rally. If it breaks 688 tomorrow, it will fall until 661.

Investment Picks
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ESCORTS - ESCORTS has bottomed out well and the stock is poised to move up well in the current run. The stock is currently trading at 107 levels and should be able to reach upto 137 levels in the coming weeks. That will be a good 30% return. Time frame - 1 - 3 month